India: CBDT releases 6th annual report on APA programme
India’s Central Board of Direct Taxes (CBDT) has published its 6th Annual Report on the country’s Advance Pricing Agreement (APA) programme for the fiscal year 2023-24. A record 125 APAs were signed, marking the highest number in a single
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US: IRS announces tax filing season date for 2025Â
The US Internal Revenue Service (IRS) issued IR-2025-08 on 10 January 2025, announcing that the nation’s 2025 tax season will start on 27 January 2025. The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed
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Italy outlines state budget for 2025, lowers corporate tax for reinvestmentÂ
Italy has enacted Law No. 207 of 30 December 2024, outlining the 2025 State Budget along with the multi-year financial plan for 2025-2027. The law was published in the Official Gazette on 31 December 2024 and took effect on 1 January 2025. The
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India grants tax collection at source exemption for IFSC on goods
India's Central Board of Direct Taxes (CBDT) issued Notification No. 6/2025, providing rules for an exemption from tax collection at source (TCS) on goods purchased by units of an International Financial Services Centre (IFSC), effective from 1
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Slovak Republic publishes guidance on VAT rate reduction for accommodation services
The Slovak Republic’s Financial Administration has released guidance detailing changes to the reduced VAT rate for accommodation services, which took effect on 1 January 2025. The guidance outlines how the new rate applies to advance payments,
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Taiwan: MOF extends business tax payment deadline
Taiwan's Ministry of Finance (MOF) has announced an extension for the business tax payment deadline to 24 February 2025. The extension applies to both the quarterly period ending 31 December 2024 and the monthly period for January 2025. This
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Australia: ATO issues guidance for local file and master file, private property and construction sector company transfer pricing for 2025Â
The Australian Taxation Office (ATO) has published updated guidance on the local and master file requirements – which applies to reporting periods beginning on or after 1 January 2024 –, and transfer pricing guidance for the private property and
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Sweden consults crypto reporting rules under DAC8 Directive
Sweden’s Ministry of Finance has introduced a proposal to implement Council Directive (EU) 2023/2226 (DAC8), which outlines new reporting and due diligence requirements for crypto-asset service providers. The Ministry is inviting public feedback
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South Africa introduces tax incentive for electric, hydrogen vehicle production
The South African Revenue Service has released the Taxation Laws Amendment Act 2024 which introduces a new investment allowance for automotive companies investing in the production capacity for electric and hydrogen-powered vehicles in the
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Netherlands updates low-tax and non-cooperative jurisdictions list for 2025
The Netherlands has revised its lists of low-tax and non-cooperative jurisdictions for tax purposes, announcing the removal of Antigua and Barbuda, Belize, and the Seychelles. The lists are used for Dutch tax rules, targeting jurisdictions with
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Czech Republic updates jurisdictions list for MCAA-CRS, CbC report exchange
The Czech Ministry of Finance issued Financial Bulletin No. 1/2025 on 9 January 2025 which updates the list of jurisdictions participating in exchanges under the Multilateral Competent Authority Agreement (MCAA) on automatic financial account
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US: Treasury publishes guidance on clean fuels
The US Department of the Treasury has released new guidance on the Clean Fuels Production Credit (section 45Z) on 10 January 2025. Section 45Z provides a tax credit for the production of transportation fuels with lifecycle greenhouse gas (GHG)
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Germany details incentives for energy-efficient building renovations
Germany’s Federal Ministry of Finance (BMF) has updated its letter on 23 December 2024 regarding tax relief for energy-related measures in residential buildings to include a uniform certificate for all eligible measures. The German Income Tax
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OECD publishes paper on MNE business functions’ reaction to corporate taxation
The OECD has released a working paper titled MNE Business Functions and Corporate Taxation on 13 January 2025, exploring how multinational enterprises (MNEs) adjust their business activities within a jurisdiction in response to corporate tax
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New Zealand updates money interest rates on underpayments, overpayments
The New Zealand Inland Revenue has announced updates to the Use of Money Interest (UOMI) rates for underpayments and overpayments on 18 December 2024. The revised rates are set at 10.88% (down from 10.91%) for underpayments and 4.30% (down from
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Peru announces 2024 tax return deadlines
Peru has issued Superintendency Resolution No. 000304-2024/SUNAT of 30 December 2024 on 31 December 2024 outlining the submission deadlines for annual tax returns for the 2024 tax year. This includes extended deadlines for submitting annual income
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China publishes 15th APA programme report
China’s State Taxation Administration (STA) has published its 15th annual report on the advance pricing agreement (APA) programme on 26 December 2024. The report provides comprehensive statistical insights into the implementation of the APA
See MorePeru extends renewable energy tax benefit until 2030
The Peruvian Official Gazette published Law No. 32217 on 29 December 2024, extending the accelerated depreciation benefit period for renewable electricity projects from 31 December 2025 to 31 December 2030. The extension also includes a 20%
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